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The Secret to Making More Money: Stay in School

Stay in School=Make More Money

Stay in SchoolIt’s no secret that the more you learn, the more you earn. The United States Department of Education estimates that young adults with a bachelor’s degree earn more than twice as much per year on average than young adults who didn’t graduate from high school. And according the the U.S. Bureau of Labor Statistics the higher your education the less likely you are to be unemployed. See: The Difference a Degree Makes in Unemployment Levels

Learn how much more you can earn each step of the way with a higher degree and decide where you want your road to stop.

High School Diploma or GED

Staying in school long enough to earn your high school diploma will earn you approximately $30,000 per year, which is $9,000 more per year than if you drop out of high school. If you estimate that most people graduate high school when they are around 18 years old and work until they decide to retire around age 62, that calculates out to about $396,000 more over your lifetime just to stay in school until graduation day.

 

Stay in School 2 More Years- Associate’s Degree

If you decide to continue going to school after graduation but aren’t quite ready to commit yourself to a four-year program, associate’s degrees offer the opportunity to get out into the working world sooner while still having an advanced degree. Associate’s programs are great for people who want to go into technical fields or start at lower-ranking positions and work their way up. The average annual salary for someone with an associate’s degree is $36,000, indicating a jump of $6,000 per year over high school graduates and $15,000 more than students who didn’t earn their diplomas.

But what if you stay in school 4 more years?

Stay in School 4 More Years- Bachelor’s Degree

Are you ready for the next jump? If you continue in school until you earn your bachelor’s degree you will fall into a group of people whose annual median salary is $45,000—more than twice what those who drop out of high school earn. For an extra four years of school you can earn about $876,000 more over your lifetime, assuming you retire at age 62 and don’t hold a job during your four years of college. That doesn’t even take into consideration additional benefits you might receive at your employer because you hold a higher position than someone who doesn’t have the education under his belt.

Stay in School 5+ Years- Master’s Degree

If you want to earn really big money, consider earning your master’s degree to add another 33 percent increase to your salary over the average earnings of someone with a bachelor’s degree. People who earn their master’s degree average about $60,000 per year for their salaries, giving them more than enough spending money for a house, car and vacations to exotic locations.

Each of these annual salaries is just the median income of what you could make for earning your degree. Take a look at these figures and make the decision for yourself: Is it worth it to stay in school? Remember that your income can be drastically different depending on what your major is and what job you get when you graduate. For example, the median income for financial managers is over $100,000 per year. Do you think it’s worth it now?

See Also:

The Difference a Degree Makes in Unemployment Levels

How to Get a Career Instead of Just a Job

Plus your Degree doesn’t have to be at a Bricks and Mortar Institution–

Online Degree More Affordable Than on Campus

What to Look for in an Online Degree Program

Stay Ahead of Your Competition With Online Continuing Education Courses

Choosing an Online College

Cutting the Cost of College

Paying for College: Student Loan Tips for the Newbie College Grad

Great Jobs for Those with a College Degree

About the Author:

Georgia Ferris writes for several higher ed blogs. To read more about degrees in music click here.

Stay in School — U.S. BLS Unemployment Data by Education Level

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